Negotiating the price of a property may be a daunting prospect for the prospective buyer, but taking on board a few tips should make you better prepared and could save you a considerable sum.
Many vendors build in a margin for negotiation when putting their spanish property on sale, since they expect to have to accept an offer below the asking price.
The agent may know what the vendor will accept, perhaps based on previous
It’s quite typical for example
A 5% discount on the asking price is quite common. The amount that can be negotiated depends on many factors.
- Needs of the seller. Do they need a quick sale ?
- Competition in the market place. How much are similar properties going for ?
Let’s say a property is listed for sale at 100,000€. It would be quite typical for a first offer to be around 90,000€. The vendor and buyer might settle on a final price of 95,000€
How much commission does the agent have on the property ? You may
It’s not just the price offered which determines the strength of an offer.
- Is the buyer willing to pay a deposit straight away?
- Is the buyer ready to proceed?
- Does the buyer need a mortgage ?
- Has the buyer already instructed a lawyer and have their NIE number.
It is rare in the current market for a property to make the full asking price.
Are their other interested parties ?
It does happen that prospective purchasers are told that their is another interested party and that if they don’t move quickly they will lose the property. The prospective purchasers
Are their other offers on the table?
If the agent tells you that they already
Take your time. If you rush to increase on your initial offer then
The agent might state that the vendor previously decline an offer equal to or inexcess of your offer.
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